Shares of Hindalco slipped by 4% to Rs42. According to reports, the company would use its Rs86bn share premium account to write off costs incurred on buying Novelis and to use the fund for its expansion purpose. The scrip touched an intra-day high of Rs44 and a low of Rs41 and recorded volumes of over 18,00,000 shares on BSE.
Jindal Steel & Power announced that the company would start production at its Bolivia mine in 6 months. It also said that, it would invest as much as US$20mn in Congo Diamond mine. The company aims to increase annual steel production to 2.6 million tons in 18 months.
Today, the market is expected to open on a weak note. The Nifty is likely to find some support near the 2780 levels. Global cues on Monday worsened the situation and the broader indices came tumbling down. Thank God the US markets were closed for President’s Day. Stocks in Europe, Asia and Latin America fell. Japan’s Nikkei is down 1.5% as it grapples with its worst economic crisis since the end of World War II. Britain was warned it faces the worst recession in almost three decades, the Group of Seven offered no solution to revive global growth and commodity prices sank.
It’s raining data on pledged shares. Dhoots, promoters of Videocon group have pledged 36.14% in Videocon Industries. United Breweries’ promoters have pledged 7.5% stake. Kingfisher Airlines’ promoters have pledged a 43.8% stake. Sound beats came in the form of desk thumping by the coalition members even as the market gave a thumbs down to the budget falling over 3%.
The outlook remain bleak for the moment, with the interim budget out of the way no markets lack triggers and also with the US markets to remain closed overnight, markets might remain choppy.
Shares of Hindalco slipped by 3% to Rs44. The company announced that he board of directors considered and approved to undertake a financial restructuring exercise. The scrip touched an intra-day high of Rs46 and a low of Rs44 and recorded volumes of over 10,00,000 shares on BSE.
DLF gained by 2.7% to Rs160. According to reports, the company announced that it has withdrawn from Rs50bn township project near Kolkata. The scrip touched an intra-day high of Rs162 and a low of Rs155 and recorded volumes of over 47,00,000 shares on BSE.
Shares of ONGC gained by 1.2% to Rs703 after reports stated that the company may sell 15% to 20% in a planned petrochemical project in India’s Gujarat state to Gail. The scrip touched an intra-day high of Rs714 and a low of Rs690 and recorded volumes of over 2,00,000 shares on BSE.
Shares of Reliance Infra surged by over 3.5% to Rs569 after the company announced a fresh program for buyback of shares of Rs7bn. The scrip touched an intra-day high of Rs579 and a low of Rs560 and recorded volumes of over 23,00,000 shares on BSE.
The market will salute a cut in STT (Securities Transaction Tax) if it happens. Let's hope for the best and we advocate to book profit on higher levels, better to have cash then wait for targets to achieve .
Shares of Tata Power slipped by 1.5% to Rs797. According to reports, the announced that it would import 7mn ton coal for its proposed power plants. The scrip touched an intra-day high of Rs809 and a low of Rs792 and recorded volumes of over 1,00,000 shares on BSE.
Buy 2900 Nifty PUT at Rs89.90-93
with SL of Rs81 for target of Rs115,120
BUY and HOLD for short term, looking very
HOT ON CHARTS!!
Also being eagerly awaited is the unveiling of a revamped bank rescue plan. Both the key events would take place later today in the US. So, the global cues would be playing an important role in dictating the trend atleast in the opening trades.
Shares of Bajaj Auto advanced by 1.5% to Rs466 after reports stated that the company would hike its stake in KTM Power Sports, Europe, to 30% from 25% currently. The scrip touched an intra-day high of Rs475 and a low of Rs463 and recorded volumes of over 8,000 shares on BSE.
Shares of BHEL further surged by over 4% to Rs1451 after the company yesterday announced that it has secured four orders worth Rs70bn. The scrip touched an intra-day high of Rs1461 and a low of Rs1391 and has recorded volumes of over 3,00,000 shares on BSE.
